Global 5G Services Market size was valued at USD 28.9 Billion in 2023 and is expected to reach USD 250.2 Billion by 2032, at a CAGR of 26.5% during the forecast period 2023 – 2032.
5G Services Market: Overview
The collection of features and capabilities made possible by fifth-generation wireless technology is referred to as 5G services. Compared to earlier generations (4G/LTE), these services provide far faster internet rates, lower latency, and higher capacity.
By enabling quicker and more dependable wireless access, it seeks to transform a wide range of industries, including entertainment, medical care, transportation, and communication.
Several worldwide factors are influencing the 5G industry. Initially, as a result of technological improvements and growing consumer demand for fast connection, 5G infrastructure is being installed around the globe at a rapid pace.
Additionally, the deployment of 5G is being prioritized across several industries, including manufacturing, health care, and transportation, to provide cutting-edge applications and services like telemedicine and smart factories.
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Furthermore, to overcome legislative obstacles and expedite the implementation of 5G, telecom firms, technology suppliers, and governments are increasingly forming alliances and working together. Standardization and interoperability are also being pushed for to guarantee 5G’s smooth interaction with current devices and infrastructure.
By communication type, the extreme mobile broadband segment held the highest market share in 2022 and is expected to keep its dominance during the forecast period 2024-2032. The emergence of high-bandwidth applications such as virtual reality, augmented reality, and 4K video streaming is one of the trends associated with extreme mobile broadband. To serve these bandwidth-intensive applications and improve user experiences on mobile devices, advances across network infrastructure are driven by the need for greater data speeds.
By technology, the radio access technologies segment held the highest market share in 2022 and is expected to keep its dominance during the forecast period 2024-2032. The development of 5G New Radio (NR), and the incorporation of virtualization and software-defined networks for network flexibility are some trends in radio access technologies.
By end user, the IT & telecom segment held the highest market share in 2022 and is expected to keep its dominance during the forecast period 2024-2032. The development of 5G networks, the use of cloud computing, the focus on cybersecurity, the expansion of IoT, and initiatives related to digital transformation are some of the trends in IT and telecom.
North America is one of the major drivers of the global 5G industry. Large telecom firms in the US and Canada have been making significant investments in 5G infrastructure, setting the stage for its eventual mainstream use.
To deliver distinctive premium 5G services for consumers and enterprise enterprises, Ericsson announced the inclusion of AI-powered intent-based operations into its managed services platform, the Ericsson Operations Engine.
CMI has comprehensively analyzed the 5G Services market. The driving forces, restraints, challenges, opportunities, and key trends have been explained in depth to depict in depth scenario of the market. Segment wise market size and market share during the forecast period are duly addressed to portray the probable picture of this 5G Services industry.
The competitive landscape includes key innovators, after market service providers, market giants as well as niche players are studied and analyzed extensively concerning their strengths, weaknesses as well as value addition prospects. In addition, this report covers key players profiling, market shares, mergers and acquisitions, consequent market fragmentation, new trends and dynamics in partnerships.
List of the prominent players in the 5G Services Market:
- Huawei Technologies Co. Ltd.
- Ericsson
- Nokia Corporation
- Samsung Electronics Co. Ltd.
- Qualcomm Technologies Inc.
- ZTE Corporation
- Cisco Systems Inc.
- Intel Corporation
- Verizon Communications Inc.
- AT&T Inc.
- China Mobile Communications Corporation
- Deutsche Telekom AG
- LG Electronics
- T-Mobile US Inc.
- SK Telecom Co. Ltd.
- China Telecom Corporation Limited
- Orange S.A.
- Vodafone Group Plc
- Broadcom Inc.
- Fujitsu Limited
- Others
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